Desmond stumps up $50 million for diamond firm

Mountain Province, the businessman’s struggling diamond mine company, is in ‘serious financial difficulty’, directors confirm, due to Covid-19-related market closure

Barry J Whyte

Chief Feature Writer @whytebarry
14th June, 2020
Desmond stumps up $50 million for diamond firm
Dermot Desmond‘s diamond mine company, Mountain Province, is in ’serious financial difficulty‘.

Last week, Dermot Desmond had to put his hand in his pocket to help out Mountain Province, his struggling diamond mine company. According to stock exchange filings, the billionaire businessman stumped up $50 million through a Bahamas-based company called Dunebridge Worldwide.

The circumstances were pressing, Mountain Province revealed in a press release. Its directors “unanimously found that that the company is in serious financial difficulty”.

That’s probably not surprising. The Covid-19 lockdown has shut...

Subscribe from just €1 for the first month!


What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Buoyant market: Why private equity deals are surging after lockdown

Markets Lorcan Allen 3 weeks ago

Brexit will cause Europe to lose share of financial market, Deutsche Bank head says

Bitcoin and Ethereum should weather crypto turbulence, Irish expert says

Markets Donal MacNamee 2 months ago

Arm of BlackRock builds up €20m short bet that Glanbia shares will continue to fall

Markets Barry J Whyte 4 months ago